Is there a difference between wealth management and family offices?

Is there a difference between wealth management and family offices?

by Richard C. Wilson & Family Offices Group Association Team

Question: Is there a difference between wealth management and family offices?

Answer: Traditional wealth management firms advise on your investments and sometimes they can help you make insurance related or budgeting related decisions.  Most wealth management firms are not specialists in taxation or charitable giving, or even multi-generational wealth management.  Family offices can provide all of these solutions and more under one house so that several diverse experts can speak with each other and create a cohesive plan for preserving and/or growing the wealth of the ultra-high net worth client.

There is a constant debate over what is a “true” family office. Some professionals believe single family offices are the only authentic family offices, and multi-family offices are simply wealth management firms in disguise. Others believe that you must have $250M to launch a single family office, but there are many successful single family offices with as little as $50M.   I believe that a family office is defined by how they operate and what solution they provide to the family, and not by their asset size.  A hedge fund is a hedge fund and a venture capital firm is a venture capital firm based on the structure of their investments, fees, and purpose and not by their asset size;the same goes for family offices.

Download our free Family Office Report to learn more about the family office industry.

Read more Frequently Asked Family Office Questions.

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